China’s Qiming raises $1.39b across three VC funds

Qiming Venture USD Fund VI and Qiming Venture RMB Fund V reached their hard caps of $935 million and RMB2.1 billion ($334 million), respectively. The Qiming US Healthcare Fund I closed at $120 million, also the hard cap.

Most of the LPs in the core China vehicles are existing investors. Princeton University, The Massachusetts Institute of Technology (MIT), Duke University, Commonfund, Hall Capital Partners, Mayo Clinic, The Dietrich Foundation, and NGS Super are among those participating in the US dollar fund. Renminbi LPs include Oriza FoFs, CDB Capital FoFs, China International Capital Corporation (CICC), Xiamen C&D Corporation, Suzhou Fund, Lupu Investment, and Hang Tang Wealth.

“The performance of Qiming has validated our team and sector-focused strategy, with every partner in the firm generating positive returns to LPs, as well as each sector having multiple IPOs in the last two years,” Gary Rieschel, founding managing partner of both Qiming China and Qiming US, said in a statement. “All our LPs from prior China funds returned for the latest funds, and we had significant overlap between our China fund and US fund investors.”

Founded in 2006, Qiming operates out of offices in Shanghai, Beijing, Suzhou and Hong Kong. It focuses on early-stage and expansion-stage deals – over half the capital goes to early-stage companies – across internet and consumer, healthcare, information technology, and cleantech. 

The firm expanded into the US by setting up offices in Seattle and Boston last year and then launching the healthcare fund. The vehicle aims to help China- and US-based start-ups expand in both markets. Previous investments include a Series A round for Platelet BioGenesis, a Harvard University spin-out that builds human platelets from stem cells. 

Qiming employs over 30 investment professionals. The China team is led by managing partners Rieschel, Duane Kuang, J.P. Gan, Nisa Leung and William Hu. The US team comprises managing partners Mark McDade and Chris Chen, as well as partner Jennifer Hu.

Qiming closed Fund III at $450 million in 2011 and then raised a fourth fund of $500 million in 2014. One year later, the GP closed a $75 million annex vehicle with a remit to make follow-on investments in existing portfolio companies from Fund III. Early in 2016, the GP announced a fund close of its fifth US dollar fund at $648 million.

Following the latest fundraising, Qiming now has over $4 billion in assets under management across seven US dollar funds and five renminbi funds and has backed more than 250 companies.

The GP has exited over 50 portfolio companies through IPOs or trade sales, which include nine public listings in China, Hong Kong, and the US over the past 18 months. Photo-editing app Meitu, animation streaming platform Bilibili, gene sequencing technology Berry Genomics, and biotech firm Zai Lab are among the standout performers.

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• Topics
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